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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.49% cut at 15746 level. Banking index performed in line with the benchmark index as it closed with 0.44% cut at 34797 level

* India VIX closed with 6.27% gain at 13.23 level 

* Among Sectors, METAL and PSUBANK index outperformed the benchmark index as they closed with 1.46% and 0.38% gains while PHARMA and ENERGY index underperformed as they closed with 4.33% and 0.95% cut respectively. Broader market performed in line with the benchmark index as MID cap and SMALL cap index closed with 0.43% and 0.02% cut respectively 

* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5 day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian markets are largely negative today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile ahead of monthly expiry today with support at 15650 - 15550 level and resistance at 15850 - 15950 level

* Banking index is likely to trade in line with benchmark index today with support at 34400 - 34200 level and resistance at 35100 - 35300 level

* TATASTEEL has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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